PHL, Japan businesses sign deals worth P288.8B

PHL, Japan businesses sign deals worth P288.8B

June 4, 2019

Philippine and Japanese businesses on Wednesday forged P288.804 billion worth of investment deals on the sidelines of President Rodrigo Duterte's third visit to Japan.
The investment pledges, which are expected to create 82,737 jobs, were signed ahead of Duterte's attendance at a business forum...

Philippine and Japanese businesses on Wednesday forged P288.804 billion worth of investment deals on the sidelines of President Rodrigo Duterte’s third visit to Japan.

The investment pledges, which are expected to create 82,737 jobs, were signed ahead of Duterte’s attendance at a business forum in Tokyo where he promised a competitive and corruption-free environment in the Philippines.

– Establish a manufacturing facility in the Philippines for optics equipment, injection molded holsters, and related equipment to supply customized equipment for the Armed Forces of the Philippines, Philippine National Police, and other defense units of the Philippine government

8) Letter of Intent: Toyota Motor Corporation

– Additional investments for further parts localization under the CARS Program, including side member panels, radiator assy, fan assy with motor, and FR axle assy.

9) Letter of Intent: Murata Manufacturing Co. Ltd.

– Expand manufacturing capacity of the Philippine Manufacturing Co. of Murata Inc. (PMM) to service demands of existing customers, accommodate new customers, and anticipate increase in sales of multilayer ceramic capacitors.

10) Letter of Intent: Aeon Fantasy Co. Ltd.

– Increase investments in the country for indoor theme parks and amusement facilities through the local subsidiary.

11) Letter of Intent: Sojitz Corporation (Sojitz FUSO Truck)

– Expand investments in the distribution of FUSO truck and bus products through the local subsidiary.

12) Letter of Intent: Sojitz Corporation (Bakery Project)

– Invest in bakery company (Nippon Premium Bakery Inc.) and the upstream business through flour milling and other ancillary services.

13) Letter of Intent: Sojitz Corporation (Industrial Estate Project)

– Co-development of a general industrial park

14) Letter of Intent: JACCS Co. Ltd.

– Invest in the credit and finance business by extending credit facilities to individual and corporate buyers.

15) Letter of Intent: Terumo Corporation

– Expand investments in manufacturing, selling, and exporting medical devices (disposable syringes, needles, safety-needles, IV catheters, and urinary drainage bags) and the development of new products and new technologies in sterilization capability and eco- and smart factories.

16) Letter of Intent: Ibiden Co. Ltd.

– Expand existing investments in the manufacture of Flip Chip Ball Grid Array (FC-BGA) products, as well as capacity to cater to new drivers of growth such as artificial intelligence and establishment of data centers.

17) Letter of Intent: Sumitomo Electric Industries, Ltd.

– Build a new facility for wiring harness and related products for export to Japan and North America.

– Develop the country’s maritime safety capability by providing maritime expertise, including but not limited to the service of design and construction of ships

23) Letter of Intent: Canon Inc.

– Expand existing investments in the Philippines for monochrome laser beam printers, including service parts, packaging materials, and optional products

24) Letter of Intent: Nidec Corporation

– Expand current investments in the Philippines as manufacturer of hard disk drives, spindle motors, and related parts

25) Letter of Intent: Mitsubishi Motors Corporation

– Expand current investment to support local production of completed vehicles

26) Letter of Intent: Tokyo Gas

– Create an inter-island liquefied natural gas (LNG) distribution network to serve new markets for natural gas in the Philippines

In his speech, Duterte thanked Japanese businessmen for signifying their “strong intention” to invest and expand business operations in the Philippines.

He also said his government is “firmly committed to maintain a stable and predictable environment for robust business partnerships” between the Philippines and Japan.

“May I just assure you that during my time I said there will be no corruption. And every Japanese investor in my country however small or however big, I can assure you that if there’s any complaint regarding hindrances, obstruction or outright corruption, let me know,” he added.

Japan is the Philippines’ second major trading partner and one of the biggest official development assistance partners. (GMA News)